New Delhi: The International Monetary Fund (IMF) has revised India’s growth forecast for 2024-25. The IMF raised India’s GDP growth forecast to 6.8% from 6.5%. The World Economic Outlook released by IMF revealed this.
The agency also revised upwards the growth figure for 2023-24 to 7.8% from 6.7% it had forecast in January. India’s own official estimates had pegged growth at 7.6%.
‘Global economy remains remarkably resilient, with growth holding steady as inflation returns to target,’ the IMF said while predicting the global real GDP growth at 3.2% for 2024 and 2025, the same rate as in 2023.
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Earlier the Asian Development Bank (ADB) revised India’s GDP growth forecast for the current fiscal. ADB raised India’s GDP growth forecast to 7 per cent, from 6.7 per cent earlier. In its April edition of the Asian Development Outlook, ADB said India would remain ‘a major growth engine’ in the Asia and Pacific region. For the 2025-26 fiscal, ADB has projected India’s growth at 7.2 per cent.The growth estimates for the current fiscal is lower than 7.6 per cent estimated GDP expansion in 2022-23 fiscal. ADB in December last year projected the Indian economy to expand by 6.7 per cent in the 2024-25 fiscal.
ADB’s growth forecast for the current fiscal is in line with the projections made by the Reserve Bank of India (RBI). The RBI last week had said GDP growth in the current fiscal is projected at 7 per cent on expectations of normal monsoon, moderating inflationary pressures and sustained momentum in manufacturing and services sectors.
Established in 1966, ADB, is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. ADB has 68 member countries, 49 of which are from the Asia and Pacific region.
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